Press Release

Medium Voltage is Expected to Dominate the Global Residential Building Wire and Cable Market

Increasing investments in the Transmission & Distribution (T&D) sector for effectively transmitting power to different electrical equipment at various stages of the network is a major factor attributable to the growth of the market.

 

According to TechSci Research report, “Global Residential Building Wire and Cable Market - By Country, Competition, Forecast & Opportunities, 2028”. The Global Residential Building Wire and Cable is anticipated to project robust growth in the forecast period with a CAGR of  6.25% through 2028. The said factors have impacted the power and energy demand in commercial, industrial, and residential sectors. Increased investments in smart upgrading the power transmission and distribution systems and development of smart grids are anticipated to drive the market's growth. Implementation of smart grid technology has met the increasing need for grid interconnections, thus resulting in rising investments in the new underground and submarine cables. The smart grid is an electrical grid that includes controls, automation, computers, and innovative equipment & technologies that function together and offer efficient electricity transmission. The functioning of the entire globe depends on the timely delivery of electric supply. Further, the increasing population leads to a rise in demand for power. Technological advancement in grids is necessary to reduce the frequency and duration of storm impacts, power outages, and restore service quickly after outages. Smart grid helps generate efficient renewable power, reliable power, reducing carbon print, using a mix of energy sources, working with smart devices and smart homes, and encouraging the use of electric vehicles.

 

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The low voltage segment accounted for the largest revenue share in 2022, with over 43% market share. Owing to the high usage of low voltage cables in the building wires, LAN cables, appliance wires, distribution networks, and others. These wires and cables support the smart grids in delivering superior electric supplies and offer an improved provision of electric supply for end-use consumers. The energy and power sector across the world are experiencing a rapid alteration. Most of the developing and developed countries are experiencing a heavy demand for electricity and are moving towards incorporation of large-scale renewable resources.

The high voltage wires and cables are used for transmission of electricity from 1,000 volts. These cables are coated with paper & oil, to avoid direct contact of the cables with an individual or any other material. The quality of high voltage cables depends upon the insulation material type used. High demand of these cables from the end users such as power distribution oil & gas, telecom, aerospace and defense is the major factor responsible for the growth of the high voltage cable market over the forecast period.

 

Key market players in the Global Residential Building Wire and Cable Market are following:-

  • Sourhwire
  • Cerrowire
  • Encore Wire
  • Copperweld
  • Belden
  • Prysmian Group
  • Nexans
  • Sumitomo Electric
  • LS Cable & System
  • Rowe Industries

 

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” Asia Pacific accounted for the largest revenue share of the wires and cables industry in 2022, with a 37.4% market share. The demand for wires and cables is observed to be stable in North America, however, Europe is expected to grow over the forecast period owing to the initiatives such as Digital Agendas for Europe 2025. In addition, North America region have seen a vast increase in the data consumption which have resulted in investments by the prominent telecommunication companies such as AT&T and Verizon in fibre networks. For instance, in April 2020, Belden Inc. developed new fiber solutions that allow data centers to create a reliable, robust, and high-performance infrastructure. These solutions include DCX Optical Distribution Frame, FiberExpress Flexible Ribbon Cable, 1.6 mm Multi-Fiber Trunks, and Fiber MPO Trunks. Thus, these significant investments in the IT & Telecommunications sector are expected to drive the overall market.

The market in Asia Pacific is anticipated to expand at the highest CAGR of 4.6% in the forecast period. The growing demand for light, power, and communication is anticipated to fuel the market over the forecast period. The government initiatives such as “Make in India”, and “Go Green” policy is expected to drive the market in India. According to Indian Electrical Equipment Industry Mission Plan 2012-2022, the government of India has planned to make the country one of the electrical equipment producers and obtain productivity of USD 100 billion by matching the exports and imports, hence, driving the demand for cables over the period 2012-2022.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

 

Residential Building Wire and Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Voltage Rating (Low Voltage, Medium Voltage, High Voltage, Extra-High Voltage), By Cable Type (Commercial Wire & Cable and Power Cable), By Material (Metallic and Non Metallic), By Region, Competition 2018-2028 has evaluated the future growth potential of Global Residential Building Wire and Cable Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Residential Building Wire and Cable Market.


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Relevant Reports

Residential Building Wire and Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Voltage Rating (Low Voltage, Medium Voltage, High Voltage, Extra-High Voltage), By Cable Type (Commercial Wire & Cable and Power Cable), By Material (Metallic and Non Metallic), By Region, Competition 2018-2028

Power | Oct, 2023

Increasing investments in the Transmission & Distribution (T&D) sector for effectively transmitting power to different electrical equipment at various stages of the network is a major factor attributable to the growth of the market.

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